Covering areas like physical sciences, medical research, advanced materials, pharmaceutical manufacturing and advanced manufacturing, the projects focus on challenges such as developing new treatments for cancer and ensuring advanced materials among others.
Commenting on the funding, the UK Chancellor of the Exchequer said, "By bringing together our Nobel Prize winning scientists, our world-class companies and our entrepreneurial start-ups, we can drive innovation and create the economic dynamism Britain needs to win in the global race."
Out of the total funding, £33m will be used to enable research and clinical trials to develop new treatments and patient therapies for various chronic diseases, including cancer, HIV and diabetes.
About £63m will be set aside to build The Maxwell Centre for industrial partnership in the physical sciences, to increase collaboration with SMEs and serve as a center for doctoral training.
Additionally, £34m partnership will build on the EPSRC Centre for Continuous Manufacturing and Crystallisation to speed up innovative technology delivery and establish new supply chains for medicines.